READ: Behind the brain drain in Singapore, Hong Kong and Taiwan, stymied aspirations and growing rootlessness, a commentary That is to say, while many of us would be able to name real estate magnates Li Ka-shing or Lee Shau-kee as the richest men in Hong Kong, most of us know very little about the poor in one of the world’s most expensive cities. The complexity in measuring poverty, as well as the social stigma of poverty, often cloak the destitute in obscurity. Many governments are loath to set a poverty line. In assessing the poverty situation, policymakers and experts argue about the pertinence of absolute versus relative poverty, the income approach versus the deprivation approach and so forth. “How poor is poor” in any society is often debatable.
Whereas identifying and ranking the rich according to their net worth seem quite straightforward, the same cannot be said of the poor. READ: Once the Pearl of the Orient, Hong Kong poised to regain its shine, a commentary The young and well-heeled have taken to flaunting their lavish lifestyle on Instagram the who’s who of the world’s top billionaires are revealed in Forbes’ annual ranking there is even a Bloomberg Billionaires Index of the world’s 500 richest people that is updated on a daily basis. In this age of the Internet and the social media, it is probably not an exaggeration to say that at no point in history have the rich and their riches been so visible. The former British colony is now second to New York with 93 billionaires, whereas Singapore takes the 7th spot with 44 billionaires.
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SINGAPORE: Singapore may be the setting of the movie Crazy Rich Asians, but the Asian city that has overtaken New York as the city with the largest population of the “ultra-rich” is Hong Kong.Ī research firm finds that with a 31 per cent increase last year, there are now around 10,000 ultra-rich people worth at least US$30 million in Hong Kong, where the number of billionaires has also grown remarkably by almost one-third in 2017.
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